The leaders of the euro area member states discussed the situation in Greece following the referendum held on 5 July.
After the meeting President of the Euro Summit Donald Tusk confirmed that the euro area authorities were ready to do all that is necessary to ensure the financial stability in the euro area.
Following the referendum Greek Prime Minister Alexis Tsipras committed to present a new request for financial assistance from the European Stability Mechanism.
According to the ESM rules and the EU treaties, financial assistance to member states is provided under strict conditions. Greece's previous arrangement with the European Financial Stability Facility expired on 30 June 2015.
The leaders will urgently work on ways to find a basis for an agreement that would respect both the existing commitments and the common rules.
All sides of the negotiations share the responsibility for the current status quo. That is why today I called on all leaders to try to find consensus, which will be our common success, with no losers or winners.
The Greek government is expected to submit its proposals for a comprehensive and specific reform agenda by 9 July at the latest.
The proposal will be assessed by the three institutions (the European Commission, the European Central Bank and the International Monetary Fund) and the outcome of the analysis presented to the Eurogroup.
The leaders will meet on Sunday, 12 July 2015.